The report noted all banks were found not to have made full disclosure in Stamp Duties collections and remittances and should be further investigated.

It further states: “All the Banks that had cases of delayed remittances should be penalized.

“In view of the apparent lack of transparency on the part of most financial institutions, the Central Bank of Nigeria (CBN) should strengthen its supervisory activity to ensure that Financial institutions report and remit all government revenues correctly and promptly.”

The report urged that defaulting banks “be made to pay with interests the amount they under-remitted for the period under review.”

Similarly, the lawmakers said that First Bank, First City Monument Bank, WeMA Bank and Suntrust Bank disregarded the summons of the committee and neither sent representation nor appeared at the public hearing, hence it recommended that the listed banks be further investigated.